Permian Resources (NYSE:PR - Free Report) had its price objective lowered by Piper Sandler from $21.00 to $20.00 in a report released on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.
A number of other equities research analysts have also issued reports on PR. Susquehanna cut their price target on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, September 4th. UBS Group cut their price objective on Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Finally, Benchmark dropped their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and a consensus target price of $18.87.
Read Our Latest Stock Report on PR
Permian Resources Price Performance
PR traded down $0.18 during trading on Tuesday, reaching $13.97. The stock had a trading volume of 8,689,180 shares, compared to its average volume of 9,872,318. The stock has a 50 day moving average of $14.66 and a two-hundred day moving average of $14.81. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $11.22 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28.
Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter last year, the business posted $0.36 earnings per share. The company's quarterly revenue was up 60.3% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources will post 1.47 EPS for the current fiscal year.
Permian Resources Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is an increase from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.29%. Permian Resources's payout ratio is presently 36.36%.
Institutional Trading of Permian Resources
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in Permian Resources by 17.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company's stock worth $110,000 after purchasing an additional 1,032 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in Permian Resources during the second quarter worth $240,000. 1620 Investment Advisors Inc. acquired a new stake in Permian Resources in the second quarter worth $80,000. Louisiana State Employees Retirement System increased its stake in Permian Resources by 11.9% in the second quarter. Louisiana State Employees Retirement System now owns 145,300 shares of the company's stock valued at $2,347,000 after purchasing an additional 15,400 shares in the last quarter. Finally, L. Roy Papp & Associates LLP acquired a new position in shares of Permian Resources during the second quarter valued at about $446,000. Institutional investors and hedge funds own 91.84% of the company's stock.
About Permian Resources
(
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Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.
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